RBM blasts PSPTF over Amaryllis deal: “blatant defiance, possible financial crimes”
By Suleman Chitera
Malawi’s financial governance is under intense scrutiny after George Partridge, Governor of the Reserve Bank of Malawi (RBM), delivered a scathing account before Parliament’s Public Accounts Committee (PAC), accusing the board of the Public Service Pension Trust Fund (PSPTF) of deliberately ignoring regulatory directives in the controversial purchase of Amaryllis Hotel.
In unusually blunt testimony, Partridge described the conduct of the pension fund’s leadership as not only reckless but potentially unlawful, raising serious concerns about the safeguarding of public workers’ retirement savings.
“They Ignored Us”
According to Partridge, RBM—mandated to regulate and oversee financial institutions—flagged multiple red flags in the transaction. These included procedural irregularities and elements deemed suspicious under standard financial compliance frameworks.
The central bank issued clear instructions: halt the deal pending further scrutiny.
Those instructions were ignored.
“We gave explicit guidance to stop the process. What followed was a rush to conclude the transaction. That level of defiance is shocking,” Partridge told PAC.
The revelation cuts to the core of corporate governance failure, where a regulated entity appears to have sidelined its own regulator in a high-value transaction involving public funds.
A Deal Pushed at Speed
Evidence presented suggests the acquisition of Amaryllis Hotel was accelerated despite outstanding concerns—raising questions about motive, internal decision-making, and whether due diligence protocols were deliberately bypassed.
Analysts warn that such conduct undermines not only institutional credibility but also investor confidence in Malawi’s financial system.
Banks Ordered to Reverse Funds
In a decisive countermeasure, RBM has moved to contain the fallout. Partridge confirmed that instructions have already been issued to:
- National Bank of Malawi
- CDH Investment Bank
to reverse payments linked to the transaction.
Simultaneously, the Financial Intelligence Authority (FIA) has been activated to investigate the deal, trace financial flows, and initiate prosecutions where necessary.
Accounts Frozen, Investigations Deepen
As part of the probe, the FIA has already frozen several bank accounts connected to the transaction—an indication that authorities suspect possible financial misconduct, including abuse of office or misappropriation of funds.
Freezing accounts is a significant escalation, typically reserved for cases where there is risk of fund dissipation or evidence tampering.
Board Faces Removal, Prosecution
Partridge issued a stern warning: continued defiance by the PSPTF board will trigger harsher regulatory action.
These include:
- Removal of board members from their positions
- Referral to law enforcement agencies
- Potential prosecution for financial crimes
This signals that the matter has moved beyond administrative disagreement into the realm of legal accountability.
Public Funds, Public Trust at Risk
At stake are billions in pension savings belonging to Malawi’s civil servants—funds expected to be managed with the highest fiduciary standards.
The unfolding scandal now raises uncomfortable but necessary questions:
- Why were regulatory warnings ignored?
- Who benefited from the rushed transaction?
- Were internal controls deliberately weakened?
As PAC continues its inquiry, the Amaryllis deal is fast becoming a defining test of accountability in Malawi’s public finance management.
If Partridge’s assertions hold, this may not just be a case of poor judgment—but a systemic breakdown with potential criminal implications.
The message from RBM is unequivocal: no institution is above financial regulation—and defiance will carry consequences.
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